Securities Arbitration Lawyers Blog

Affiliates allegedly defrauded traditional bond investors Following allegations and an investigation by the Securities and Exchange Commission (SEC), two Citigroup affiliates have agreed to pay nearly $180 million to settle charges that they defrauded investors in two hedge funds. The firms are accused of claiming the hedge funds in question…

Failed to follow Securities Act requirements Lake Worth, Florida-based 1st Discount Brokerage, Inc along with Naples, Florida-based Alan Miller and Overland Park, Kansas-based Mark Miller are all players in a FINRA disciplinary action, according to the June 2015 FINRA Disciplinary Action Report. Both Alan Miller and Mark Miller consented to…

FINRA also orders cease and desist after failure to abide by Massachusetts state regulation on senior financial designations FINRA fined LPL Financial LLC a total of $250,000 on July 10 after allegations that the firm failed to establish or enforce supervisory procedures that complied with Massachusetts’ regulations. The regulations in…

Alleged conversions include two trusts – one that helped provide Alzheimer’s care and another used to provide scholarships On August 8, following a 21-year career in the securities industry, John Thomas Thornes has been permanently barred from practicing as a broker by the US Securities and Exchange Commission according to…

Kim is permanently barred by FINRA FINRA Rule 2010 provides that “[a] member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade,” and broker Peter Kim was found in violation of it, according to a recent FINRA disciplinary action.…

Patrick McGrath and Aaron Parthemer: Separate FINRA complaints for similar violations In two separate FINRA disciplinary actions, two South Florida investment brokers were found to have made loans to, or borrowed funds from, their firm’s customers without permission. Generally, brokerage firms prohibit stockbrokers from asking clients for personal loans or…

Allegations concern unsuitable, excessive and unauthorized trades for a 101-year-old customer After 16 years in the securities industry, FINRA barred Thomas Morley Hogle from acting as a broker or associating with FINRA members in a professional capacity on May 11, according to the FINRA website. The action comes in the…

Permanent action follows a three-month suspension from the securities industry According to the Financial Industry Regulatory Authority (FINRA), Neil J. Buysse has been permanently barred from practicing within the securities industry following a 2014 suspension. Buysse was suspended on Dec. 1 following his alleged failure to respond to a FINRA…

Diaz was also fined $10,000 amid allegations of fraud, negligence, unsuitability and misrepresentation After a 14-year career in the securities industry marred by 44 disclosure events, Anthony Diaz has been permanently barred from acting as a broker and fined $10,000 by FINRA on June 10, 2015. This follows allegations of…

Ohio broker Alex P. Anderson (CRD# 4243107) was permanently barred by FINRA in April 2015, for converting customer funds for his own use and benefit, in violation of FINRA Rules 2510 and 2010. According to the Letter of Acceptance Waiver and Consent, Anderson was appointed Power of Attorney over a…